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does it reduce the deficit? >> joining me now is senator sherrod brown. senator, good to have you with us tonight. your comments on what nancy pelosi has to say about revenue. >> she's right. you look at a little history in the 1990s. the upper one or 2 or 5% were paying more in taxes. just a little bit more. we had 21 million private sector job creation, net job creation. when george bush cut taxes on the wealthy in 2001 and 2003, we've had no real job growth and no wage growth during this past decade. we're finally now after ten straight years of manufacturing job decline hitting places like toledo and cleveland and cincinnati particularly hard, we're seeing now in the last two years after the auto rescue, after we're doing some of the right things here, we're seeing job growth. i agree with what nancy pelosi said. history improves itself. >> so based on history, this is about math and not ideology. the sense i get on the hill today, if you don't get the rate increase, you can forget everything else. >> we have seen in this country a decline in infrastr
does it reduce the deficit? >> joining me now is senator sherrod brown. senator, good to have you with us tonight. your comments on what nancy pelosi has to say about revenue. >> she's right. you look at a little history in the 1990s. the upper one or 2 or 5% were paying more in taxes. just a little bit more. we had 21 million private sector job creation, net job creation. when george bush cut taxes on the wealthy in 2001 and 2003, we've had no real job growth and no wage growth...
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so i think what the white house is signaling is that at a minimum, any deficit package has to include this immediate february and march debt ceiling that we're going to hit. >> is jack lew the current chief of staff and former budget director the top candidate to be treasury? what is your best guess? >> he appears to be the frontrunner from everything you see and read and hear and he is a -- i've known him a long time. he's an accomplished guy. he knows these issues perfectly. he has worked in the financial community and has a sense of that and vice versa. and so i think he would be a it terrific choice. >> we should say there are a couple other people who have been rumored to being vetted. roger altman, former treasury official, larry fink, be erskine bowles. this what is alan simpson, erskine bowles' partner in the deficit commission, had to say about that possibility last week on the show. >> he said he would be very pleased to do that. he shared that with me personally, as long as they move the treasury department to north carolina, to charlotte. i don't think -- >> he's worked so
so i think what the white house is signaling is that at a minimum, any deficit package has to include this immediate february and march debt ceiling that we're going to hit. >> is jack lew the current chief of staff and former budget director the top candidate to be treasury? what is your best guess? >> he appears to be the frontrunner from everything you see and read and hear and he is a -- i've known him a long time. he's an accomplished guy. he knows these issues perfectly. he...
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well, we're all going to put our heads in the sand and say that entitlement are not the drivers of the deficit. >> you don't think he put enough detail on the entitlements? >> no. >> we'll ask him that when he comes back. our question of the day is how many current senators are named john? any spelling of the name counts. the answer is 12. isakson, kyl, boozman, mccain, tester, thune, reed, and rockefeller. that's not counting the two senators whose last name is johnson. you didn't have to come over! actually, honey, i think i did... oh? you did? whoa, ladies, easy. hi. cascade kitchen counselor. we can help avoid this with cascade complete pacs. see, over time, cascade complete pacs fight film buildup two times better than finish quantum. to help leave glasses sparkling shiny! too bad it doesn't work on windows. okay, i'm outta here. cascade. the clear choice. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forg
well, we're all going to put our heads in the sand and say that entitlement are not the drivers of the deficit. >> you don't think he put enough detail on the entitlements? >> no. >> we'll ask him that when he comes back. our question of the day is how many current senators are named john? any spelling of the name counts. the answer is 12. isakson, kyl, boozman, mccain, tester, thune, reed, and rockefeller. that's not counting the two senators whose last name is johnson. you...
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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going to require what i talked about during the campaign, which is a balanced, responsible approach to deficit reduction and unfortunately the speaker's proposal right now is still out of balance. >> nbc's luke russert begins the coverage live on capitol hill. luke, first read this morning put a rather positive spin on duelling deals arguing there's a silver lining if you split the difference. unpack that for us. >> reporter: s.e., you saw that the republicans' offer was immediately dismissed by the white house. president obama, his team of communications advisers saying it's more of the same and won't work. the speaker was not offering to raise taxes on those making 250 or above. that's a big sticking point. if you look at both plans and split the difference and run the math, if you take the 800 billion in revenue that speaker boehner has offered, the 1.6 trillion the white house wants, you split the difference 1.2. if you split the difference on the cuts, you get to 450, 500 billion. numbers that folks on both sides think is feasible in the realm of a large deal. i spoke to a senior republic
going to require what i talked about during the campaign, which is a balanced, responsible approach to deficit reduction and unfortunately the speaker's proposal right now is still out of balance. >> nbc's luke russert begins the coverage live on capitol hill. luke, first read this morning put a rather positive spin on duelling deals arguing there's a silver lining if you split the difference. unpack that for us. >> reporter: s.e., you saw that the republicans' offer was immediately...
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brings our long-term deficits down. tough spending savings is part of that, and invest in things that matter to the american economy, like infrastructure, and getting americans back to work. we think we can do that. we have a good chance, and it's very important. and i think we'll get there, david. >> do you think we'll get a deal by the end of the year? >> i do. because the only thing standing in the way of that is a refusal by republicans to accept that rates have to go up on the wealthiest americans. and i don't really see them doing that. >> the idea that they have signalled something significant for them, which is -- >> what is that? >> putting revenue on the table. >> it's welcome that they are recognizing that revenues are going to have to go up. but they haven't told us anything about how far rates should go up, how far revenues should go up, who should pay higher taxes. >> republicans have said that no republicans will vote for a tax rate increase. do you think they are just bluffing? >> i can't tell you what t
brings our long-term deficits down. tough spending savings is part of that, and invest in things that matter to the american economy, like infrastructure, and getting americans back to work. we think we can do that. we have a good chance, and it's very important. and i think we'll get there, david. >> do you think we'll get a deal by the end of the year? >> i do. because the only thing standing in the way of that is a refusal by republicans to accept that rates have to go up on the...
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of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted president mitt romney. they spent through the roof to get president mitt romney and they lost. they did not get a president romney. they still have a president obama. but now they're at the president obama white house almost every week meeting with president obama. and i unde t a i underst what ab the f all this face time with president. does t i we're tol elizabe mas sea committ them on board with his agenda, particularly for his side of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be b
of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted...
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trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is preeminently where a president has to lead and be specific. you can't expect the republicans to lead on an area that he's dominated in politically. >> here's an entitlement idea, a way to help support medicare, let them dictate price -- drug prices. >> steve, this, to me, is a much more interesting debate than tom and dan. because i think the president has done exactly what he's done in the past in this negotiating. he's not grinding it out with speaker boehner. he's out giving speeches, rallying his base. meeting with groups like moveon.org.
trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is...
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party over the fiscal cliff proposal that he made with some saying it doesn't go far enough to fix the deficit. we'll break down what this means for negotiations ahead with our morning joe panel. but up next -- you never know who you'll see on a new york city subway. and for one kindly old lady, she literally did not know who she was seeing and sitting next to. we'll play her full conversation with jay-z when "way too early" comes right back. [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok.
party over the fiscal cliff proposal that he made with some saying it doesn't go far enough to fix the deficit. we'll break down what this means for negotiations ahead with our morning joe panel. but up next -- you never know who you'll see on a new york city subway. and for one kindly old lady, she literally did not know who she was seeing and sitting next to. we'll play her full conversation with jay-z when "way too early" comes right back. [ woman ] ring. ring. progresso. i just...
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we shouldn't have deficit reduction right now. we should focus on jobs and employment and continued stimulus for the economy, which i was really happy about the president at least had some of that in his plan. then you ask yourself, okay, what could you do in terms of reducing the deficit that would be the least damaging, and what economists say and what makes common sense is people at the top end of the income scale, who can afford to pay a little more, that's the place where we can raise the rates now and not have a major economic impact. so i take the governor's point, and i agree with it. we probably are going to -- if we're going to continue to make the promises and keep the promises that i think are so important and most progressives do, we probably need to raise taxes on a lot of people. it's a question of timing of when to make those choices. >> the rush limbaugh showed us today how difficult it is for john boehner and eric cantor to make the moves they've already made. let's listen to what rush said. >> what we got today
we shouldn't have deficit reduction right now. we should focus on jobs and employment and continued stimulus for the economy, which i was really happy about the president at least had some of that in his plan. then you ask yourself, okay, what could you do in terms of reducing the deficit that would be the least damaging, and what economists say and what makes common sense is people at the top end of the income scale, who can afford to pay a little more, that's the place where we can raise the...
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of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted president mitt romney. they spent through the roof to
of the negotiations with congressional republicans over the bush tax cuts and the stimulus and the deficit. this president seems to have a thick skin if letting bygones be bygones does not come naturally to him as a man, he is doing a convincing job as a president. getting the business community to be message multipliers and supporters of his on basic economic issues. it makes sense. what about accountability? and here's what i mean. the big business guys who really, really really wanted...
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social security has not distributed to the deficit. it's just irresponsible to even put social security in a discussion as we are trying to get a deal. medicare can, i think, be massaged in terms of means testing. with the upper income individuals paying more or sometimes all of their medical expenses, it makes no sense for the government to pay medicare costs for someone earning $700,000 a year. so i think we can do some means testing. but by no means am i saying it should be low enough so our elderly and poorist americans are going to pay for the deficit. but we want a deal. and keep in mind, i think this is very important. if the bush tax cuts are expired, as they will be, just as sure as today is friday, they are gone, that generates $950 billion toward the deficit over a ten-year period. we'd set aside $1.2 trillion. we're almost there. and if you do means testing on medicare, we make it. >> well, the republicans would never go along with that kind of means testing because that would hit the wealthier americans. that's who they ar
social security has not distributed to the deficit. it's just irresponsible to even put social security in a discussion as we are trying to get a deal. medicare can, i think, be massaged in terms of means testing. with the upper income individuals paying more or sometimes all of their medical expenses, it makes no sense for the government to pay medicare costs for someone earning $700,000 a year. so i think we can do some means testing. but by no means am i saying it should be low enough so our...
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it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of the budget and really provides the kind of sense of security that households, small businesses, everybody needs to know so we can start planning for the economy and hopefully getting things growing back again. one of the things you see is that when your debt levels are as high as they are, in this country right now, that's a tamp on economic growth and can harm growth. that's the point we're at. we know that part of a growth strategy will have to be getting control of these deficits and debt and fix the debt as basically saying, we have to work this out and do it in a bipartisan wa
it's actually too much deficit reduck sln too quickly in the wrong parts of the budget. you want a more thoughtful, thought out plan. on your point about the debt ceiling, we what we need is to have certainty, know where we're headed. not have multiple showdowns but the debt ceiling is only going to be increased significantly if it goes hand in hand with a big enough deal which has real changes in the budget. so the best thing we could do is put in place a balanced plan deals with all parts of...
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then we can work in earnest together to reduce the deficit in a balanced way that will make sure we don't first throw the middle class under the bus. that whatever we put forward have spending cuts and revenue that is going to take care of the middle class and make sure that we have spending cuts and revenue that ensures that they're fair and that the math works. there has been no evidence thus far that the republicans are interested in doing that. >> this has been the perfect opportunity for them to step forward and show some leadership. the majority of americans do want this right now. congresswoman, the president has asked you to stay on as dnc chair. what is the way forward for the democrats? what's happening here? >> well, we need to continue to focus on rebuilding our economy from the middle class out. president obama talked eloquently and passionately during the campaign about making sure that we can get a handle on this deficit, that we can rebuild our economy from the middle class out, that we can focus on creating jobs and getting the economy turned around, and that's what he's
then we can work in earnest together to reduce the deficit in a balanced way that will make sure we don't first throw the middle class under the bus. that whatever we put forward have spending cuts and revenue that is going to take care of the middle class and make sure that we have spending cuts and revenue that ensures that they're fair and that the math works. there has been no evidence thus far that the republicans are interested in doing that. >> this has been the perfect opportunity...
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it wasn't a secret he thought we should have a balanced approach to look at the deficit and higher income individuals need to pay more. if we don't ask, everybody else is hit harder. the president is coming off a victory, and it's very clear that on this specific issue the overwhelming majority of the american people support him. so that's a big difference. as we come to the end of this fiscal cliff, republicans have to choose. do they call for $5 trillion in tax increases over the next ten years or are they going to allow the middle class tax cuts to proceed? that's their choice, and i think people like tom cole recognize that it's unsustainable to take the position that nobody gets tax relief because they hold out for folks with 250,000 and over to get this extra tax cut on the portion of their income above 250,000. after all, what the president is saying on that part of your income above 250,000, you're going back to the clinton era tax raites, which is 4 cents on the dollar. >> congressman van hollen, thank you for your time. we'll see what happens next. thank you, sir. >>> we could s
it wasn't a secret he thought we should have a balanced approach to look at the deficit and higher income individuals need to pay more. if we don't ask, everybody else is hit harder. the president is coming off a victory, and it's very clear that on this specific issue the overwhelming majority of the american people support him. so that's a big difference. as we come to the end of this fiscal cliff, republicans have to choose. do they call for $5 trillion in tax increases over the next ten...
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we know we cannot deal with a serious deficit problem in this country as well as meeting our obligation to americans as well as making sure we protect the middle class. so he's put out a serious proposal of revenues and spending cuts and economic growth that does strengthen the middle class and get that economic growth. that's perfectly good starting point. the fact that speaker boehner rejected that, we're in a tough spot right now. what the republican leadership in the house has to do is say look here's what we want to do, here's what we believe we should do. they have to understand that the president won, the democrats gained seats in the house and the senate. the american people have said find that common ground, the beginning of that common ground is make sure we protect the tax cuts for the middle class. make sure we don't hurt the fragile economic recovery in the short term and let's deal with protecting medicare and deficit reduction for the long term. >> there's a piece in the "new york times" talking about the president's new negotiate i want aing style. it said mr. obama scat
we know we cannot deal with a serious deficit problem in this country as well as meeting our obligation to americans as well as making sure we protect the middle class. so he's put out a serious proposal of revenues and spending cuts and economic growth that does strengthen the middle class and get that economic growth. that's perfectly good starting point. the fact that speaker boehner rejected that, we're in a tough spot right now. what the republican leadership in the house has to do is say...
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, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later on today to congress to give them some ideas of ways we think governors can help and also we think it's important that the governors have a seat at the table because ultimately it's the states that will also feel the effect of what happens in washington, d.c. >> you made that point, governor. i'm curious about the line in the sand for the president, and i'm sure he expressed his thoughts on the tax rate for those who make over $250,000. that revenue is needed. without, i guess, endorsing one plan over the other, where do you stand
, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later...
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anything on entitlements, would prefer frankly not to have to do anything on some of these debt and deficit problems. if you look at the numbers, then medicare in particular, will run out of money and we will not be able to sustain that program, no matter how much taxes go up. i mean it's not an option for us to just sit by and do nothing. >> that was president obama in the summer of 2011 speaking the hard truths about entitlements. it did not exactly play well for him then and he's been largely quiet on the issue since, perhaps because for both parties talk of cutting social security and medicare hurts a lot. >> there's a pain point that democrats have to reach as well. it's not just republicans. that both sides have to be able to get to the end of this things and say, yes, the president won re-election but there is nobody that gets away with this thing without feeling pain. >> and there are some on the left who hope to get through this without having to go under the knife. adam green, co-founder of the progressive change campaign says -- yesterday on abc's "this week" congressman keith el
anything on entitlements, would prefer frankly not to have to do anything on some of these debt and deficit problems. if you look at the numbers, then medicare in particular, will run out of money and we will not be able to sustain that program, no matter how much taxes go up. i mean it's not an option for us to just sit by and do nothing. >> that was president obama in the summer of 2011 speaking the hard truths about entitlements. it did not exactly play well for him then and he's been...
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the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure savings, it's a cost shift. first and foremost, you're going to see increased costs for seniors who will have to find another health insurer since medicare is huge and uses its bargaining power to pay less by quite a bit. the seniors turning to private insurance will have to pay more for the same coverage. 3.7 billion more in the first year of the policy. for those 65 and 66 years old who are eligible for medicaid, states will have to pick up some of that tab. so three-quarters of a billion dollars will pick up that tab, we think. then there are the employers. many of the ineligible wil
the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure...
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it is not -- it shouldn't even be discussed in the deficit because it doesn't add to the deficit. medicare we have in the obama care we put into reform. i mean, the republicans just finished telling us that it was terrible that we cut $716 billion out of medicare, and that was terrible. now they want to add a lot more cuts. i think that the cuts we made in medicare were enough. they should not impact beneficiaries. and we shouldn't do anything that will at this point. those cuts may very well over a long period of time put medicare on a sustainable basis. we shouldn't do anything further to medicare until whether we see that works out. >> but you acknowledge a deal is not likely to get done without some reforms to entitlements. >> i do not acknowledge that and if a deal doesn't get done, it doesn't get done. >> you're prepared to go over the cliff as well? >> absolutely. >> it sounds -- >> it's not a cliff, by the way. and understand this. people keep talking about the republicans deliberately created this emergency. in order to blackmail the country. and the emergency here, the c
it is not -- it shouldn't even be discussed in the deficit because it doesn't add to the deficit. medicare we have in the obama care we put into reform. i mean, the republicans just finished telling us that it was terrible that we cut $716 billion out of medicare, and that was terrible. now they want to add a lot more cuts. i think that the cuts we made in medicare were enough. they should not impact beneficiaries. and we shouldn't do anything that will at this point. those cuts may very well...
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as i've indicated, the only way to get the kind of revenue for a balanced deficit reduction plan is to make sure that we're also modestly increasing rates for people who can afford it. folks like me. just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> the concerted effort from the white house is very clear. here's white house press secretary jay carney. >> what will produce a deal is an acknowledgement by republicans, republican leaders, that rates on the top 2%, the wealthiest americans, have to rise. there is no deal without that acknowledgement, and without a concrete, mathematically sound proposal -- >> but speaker boehner still insists he can get the revenue without raising rates? >> now, the revenues we're putting on the table are going to come from guess who? the rich. there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> some conservatives just can't stand hear
as i've indicated, the only way to get the kind of revenue for a balanced deficit reduction plan is to make sure that we're also modestly increasing rates for people who can afford it. folks like me. just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> the concerted effort from the white house is very clear. here's white house press secretary jay carney. >> what will produce a deal is an acknowledgement by...
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isn't the tax debate now blocking progress towards the larger issue which is getting -- attacking the deficit with real spending cuts? >> i think there is, but let me make very apparent i think the speaker is right. i think the proposal he's put on the table is a great proposal that we ought to not raise rates. there's other ways to get revenue that honestly are more economically productive in the long term. having said that, again, i think you might be better served to do this in pieces. first, we disagree with the democrats on a lot of things but we don't disagree about the 98% of the american people. we don't think their taxes should go up. to me since that's a point of agreement and doesn't affect either side's negotiating position on the other issues we ought to remove it from the table. make sure most americans don't have to worry about their taxes going up. having said that, again, i think the speaker's right on in terms of the proposal he's put out there. most importantly, he couples it with something the president doesn't, which is really significant spending cuts and entitlepment re
isn't the tax debate now blocking progress towards the larger issue which is getting -- attacking the deficit with real spending cuts? >> i think there is, but let me make very apparent i think the speaker is right. i think the proposal he's put on the table is a great proposal that we ought to not raise rates. there's other ways to get revenue that honestly are more economically productive in the long term. having said that, again, i think you might be better served to do this in pieces....
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it totals $2.2 trillion in deficit reduction over ten years. the part that stood out to us was $600 billion in proposed savings in medicare reforms. how? in part by raising the age of eligibility to 65 to maybe 67. turning down the gop proposal, dan pfieffer said, quote, it provides no details on which deductions they would eliminate, which loopholes they will close or which medicare savings they would achieve." let's head now to the white house and dan lothian. the white house will not offer a counter proposal, right? what's going on here? >> reporter: well, you know, i think the white house is digging in. the president said early on in this process that he would only sit down and really move forward, negotiate on this in any meaningful way if the tax hikes for the wealthy expired. and republicans have been pushing back on that -- tax breaks rather for the wealthy expired and republicans have been pushing back on that, say they go believe that will be harmful for the economic recovery because wealthy americans are the ones who are creating the
it totals $2.2 trillion in deficit reduction over ten years. the part that stood out to us was $600 billion in proposed savings in medicare reforms. how? in part by raising the age of eligibility to 65 to maybe 67. turning down the gop proposal, dan pfieffer said, quote, it provides no details on which deductions they would eliminate, which loopholes they will close or which medicare savings they would achieve." let's head now to the white house and dan lothian. the white house will not...
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but you've got to be committed to some kind of real deficit reduction. and that's where, beyond the spending, being serious about entitlements, there's got to at least be some framework that says, look, we are going to reduce the size and the scope of government. and that's -- finding that pain point on both sides so it's not a lopsided deal will at least give republicans the room to argue, look, we can take this pain. we've won some concessions back, but we have to do this. >> that should be done in private and together. >> and again, though, the ratio between tax increases to spending cuts is a wide, wide gap. medicare and medicaid and social security together, taken with interest and the debt, that's consuming every dime that's coming into washington, d.c., right now. people talk about -- democrats have talked about for a decade, the bush tax cuts. they've driven up the national debt. fine. if that's the case, why is it that the president, as you've said earlier, is embracing 98% of the bush tax cuts? >> except that isn't true. >> of course it's not t
but you've got to be committed to some kind of real deficit reduction. and that's where, beyond the spending, being serious about entitlements, there's got to at least be some framework that says, look, we are going to reduce the size and the scope of government. and that's -- finding that pain point on both sides so it's not a lopsided deal will at least give republicans the room to argue, look, we can take this pain. we've won some concessions back, but we have to do this. >> that...
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and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee. always good to see you, mr. quest. always making it simple for us. richard quest in london. probably didn't pay for that coffee. >>> over the weekend, the palestinians celebrated their new status recognized by the united nations. the joy short-lived. how israel's decision to pursue even more settlements in the west bank and east jerusalem may kill any hopes of peace. we'll dive deep lie into this issue. >>> rp says it's not changing plans for the controversial housing development in east of jerusalem also developments in east jerusalem. this is despite getting a diplomatic mackdown recently from austral
and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee....
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the one approach says we've got this deficit problem, and we want to address it. the other is the norquist approach, which is really more about reducing government to its irreducible core. and that is an indiscriminate sort of slashing. that's the wrong path for the country. and that's the path we can't take. >> things have changed so much since i was there. you talk about discretionary versus mandatory. when i was there back in the '90s, you could actually go after discretionary spending and move towards a balanced budget. we're way past that now. you're talking about 11% for domestic discretionary spending. that means everything, outside of defense, outside of medicare, outside of medicaid, outside of social security. that's about 85% of the budget. >> and we just made some pretty deep cuts last summer. >> right. so when you have a party saying we're going to balance the budget by going after education, transportation, r&d, i mean, energy, you're basically going after your seed corn while china is doubling on education. china is doubling down on r&d. china is do
the one approach says we've got this deficit problem, and we want to address it. the other is the norquist approach, which is really more about reducing government to its irreducible core. and that is an indiscriminate sort of slashing. that's the wrong path for the country. and that's the path we can't take. >> things have changed so much since i was there. you talk about discretionary versus mandatory. when i was there back in the '90s, you could actually go after discretionary spending...
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it's about $2.2 trillion, they say, in savings to the deficit but on that fundamental as you say key sticking point, it doesn't change anything. they simply do not propose to raise any tax rates. let's just look at some specifics on this tax issue. the house gop counter proposal which came out this afternoon does put out 800 billi$800 billw tax renoouf. nothing on bush-era tax rates. those would continue. just look at that compared to the white house offer which last week which was $1.6 trillion in tax revenue. the majority of that from raising tax rates for the wealthiest americans and still absolute biggest divide between the two sides. no question about it. >> and so when you really look at where we are, democrats want tax rates to go up for wealthier americans. republicans long pushing for changes to entitlement programs and what else is in this republican proposal then? >> reporter: some of that, as well. look at that. $600 billion in what republicans call health savings. we don't have a lot of specifics on it but republican sources say that much of that will come from medicare
it's about $2.2 trillion, they say, in savings to the deficit but on that fundamental as you say key sticking point, it doesn't change anything. they simply do not propose to raise any tax rates. let's just look at some specifics on this tax issue. the house gop counter proposal which came out this afternoon does put out 800 billi$800 billw tax renoouf. nothing on bush-era tax rates. those would continue. just look at that compared to the white house offer which last week which was $1.6...
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we've been running a trillion dollar deficit every year under this administration. president obama has nearly doubled the debt. the spending is out of control. and it's -- we have this economy that continues to struggle -- >> the debt ceiling -- >> the debt ceiling is our opportunity to really look at these questions, but the republicans want to negotiate -- speaker boehner the day after the election, went to the podium and put tax revenue on the table. this is our moment, this is our -- tip o'neill and president reagan back in the early '80s, they came together. they negotiated to save social security as well as address the spending. and it was a $3 in spending cuts to every dollar in new revenue. and that's the type of approach we need today. >> they never used the issue of debt ceiling in those negotiations. that's relatively new. the president says, i will not play that game. he may have no choice, because the republicans have a decisive majority in the house of representatives. if they want to play that game, he's going to have to do it. >> whey believe the pre
we've been running a trillion dollar deficit every year under this administration. president obama has nearly doubled the debt. the spending is out of control. and it's -- we have this economy that continues to struggle -- >> the debt ceiling -- >> the debt ceiling is our opportunity to really look at these questions, but the republicans want to negotiate -- speaker boehner the day after the election, went to the podium and put tax revenue on the table. this is our moment, this is...
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issues, bob erlich and i had to come in and try to create incentives within our economy, the $2 million deficit. you find completive ways to keep businesses that you have, but expand that base. so this idea these incentives were somehow bad for the economy or bad for the local market, to me, just don't add up necessarily because every state is different. you do compete -- we compete with virginia and delaware and pennsylvania and west virginia in our region. we want the jobs that we can get for our technical and other infrastructure with the state. how does all of that work out in the wash ultimately? who is the bad guy here? is it the governor goes out and gives the incentives with the legislature or is it the employer who keeps -- takes those incentives and want to stay in the state or come to the state? >> this not really about who is the bad guy but do we have a system that works? there is no national thinking. zero today on what are we spending on all this? is it coordinated? why, for instance, in kansas do you have kansas and missouri outbidding each other to have companies literally move
issues, bob erlich and i had to come in and try to create incentives within our economy, the $2 million deficit. you find completive ways to keep businesses that you have, but expand that base. so this idea these incentives were somehow bad for the economy or bad for the local market, to me, just don't add up necessarily because every state is different. you do compete -- we compete with virginia and delaware and pennsylvania and west virginia in our region. we want the jobs that we can get for...